Charlotte NC Investing- First Time- Am I late to the party?

[Charles Eng]

I'm new to real estate investing and I narrowed down my choices down to Charlotte NC and Gastonia NC. Every time I make an offer on a property, it's bought up in a day and usually in cash. I find that NC properties cash flows decently ($200 to $400), huge tenant demand, and much room for appreciation. I was suggested by my real estate agent to have preapproval letter ready at hand so I can get ahead of the pack. Do you guys have any suggestions to how I can obtain a property in Charlotte? Like through a wholesaler?

[Logan Hartle]

Hey Charles. There is a lot of competition for good deals out there but the good news is that new deals are constantly coming up.

A pre-qualification letter is pretty standard so it won’t help you stand out. It’s more of a requirement than a bonus if you are financing the acquisition. And if the competition makes a similar all cash offer it’s going to be difficult to compete.

Most wholesalers have lists of cash buyers. They’re similar to traditional sellers in that if a cash buyer makes an offer on their deal it’s going to stand out and be more palatable than a financed offer (assuming similar offers).

If I were you I would strongly urge you to make connections with hard money lenders who can get you cash in 10-14 days so you can close quickly to compete. You can then refinance on the back end  with some more permanent lower interest financing (assuming you buy a good deal).

As for where to find deals there are countless articles and podcasts on BP regarding this. (FSBO, FRBO, Wholesalers, pre-foreclosures, etc)